Buying a house or a property at this time is more favorable, thanks to the easing of conditions in the banks, and to the sellers that are in a position to renegotiate some type of financing for their customers.
Of all sectors the construction sector is the one that has had the most difficulties to re-establish after the economic crisis. The most active segment is precisely the housing segment, and it is expected that by the end of the year the office segment will be restored. “People have regained confidence in the economy and are taking purchase decisions”, said Luis Pérez, Marketing Manager in Vivicon, promoter of residential Barlovento.
Cristhian Zúñiga, manager of Inhaus Consultores: “Consulting firms confirmed that people are more encouraged to do business with lots, while last year the activity decreased with 40% with respect to 2008. This year a 30% growth was recorded in the housing sector activity.”
According to Johnny Madriga, head of the consumer confidence index, this phenomenon may be explained by the fact that the same banks are pushing people to make these purchases and by incorporating more accessible credit products. This has also been the case for Banco de Costa Rica, which has been promoting a strategy that finances 100% of the total price of the investment, where previously the maximum amounts averaged a finance of 80%.
In the commercial area, things are a little more balanced. The most widely used indicator to measure opportunities in the office segment is the level of occupancy. If more than 90% of the offices are occupied, it is a good time for owners because the price can go up before the pressure of demand for space. If less, tenants can negotiate on their behalf. Currently, the level of unoccupied offices is around 10%, therefore it is a limit point of balance, and neither party has any great advantage in his favor.
Appreciation of the colon during last nine months has a positive influence to acquire property. The risk for an increase of the exchange rate in the second half of the year is in sight. While it is not possible to predict how strong will, the truth is that the increase in imports tends to depreciate the colon. Another risk is that stability may have interest rates. According to the Federal Reserve, the dollar can be expected to remain at current levels.
